At this stage in our journey as a PRI signatory, we have not decided to embed ESG factors into traditional financial analysis as standard across all our investment teams. Some of our teams do embed E,S and G factors into their financial models - however, this is not yet standard across GAM. While we have a common distribution platform, we actively foster a broad range of independent investment teams who are accorded an extraordinary degree of latitude in their investment philosophies and processes. We do not, for example, hold a 'house' view - each team has the freedom to invest as they wish. It follows that we do not deploy a standardised financial analysis template nor do we have large research teams that act as a common pool of investment ideas. Therefore, at this stage we are treating ESG factors as risk factors that we use for screening. The worst ESG rated companies are highlighted and managers treat the results as warning flags that may materially impact the investment performance of their portfolios.